Blue Sky Downfall

When facing bankruptcy or insolvency, companies have the option of going into voluntary administration. This is when an independent and qualified person (a voluntary administrator) takes over a company's assets and business operations in an attempt to salvage the company ¹.

While no company wants to find itself in a state of voluntary administration, it is a stark reality faced by the Australian-based fund manager Blue Sky Alternative Investments Limited. The company is currently undergoing administration, following years of challenging circumstances starting as early as 2017. The future of a company that was once named one of Brisbane's top companies is now uncertain ² after US-based short-seller Glaucus reported that the company had overstated its valuation and disregarded some of its key business obligations ³.